Life insurance comes in various forms and can be combined with other types of financial protection to cater for a range of needs. So, besides providing a lump sum on death, you can take out cover to protect against the diagnosis of a critical illness, accident, incapacity or unemployment or to provide income protection.
It can also be a good idea to write your life policy ‘in trust’. This simple formality ensures that the proceeds would go directly to your beneficiaries on your death, avoiding inheritance tax and the need to obtain probate before the funds are payable.
As with most aspects of financial planning it is well worth talking to an Adviser to make sure you are getting the most suitable life insurance for your circumstances.
We also recommend that you review your life insurance with your Adviser annually so any life-changing events such as having children or taking on more debt are taken into account so your family will have enough money to pay the mortgage or meet the bills, if you die.
There are other providers of short-term income protection and other products designed to protect you against loss of income. For impartial information about insurance, please visit the website at www.moneyadviceservice.org.uk.
At Four Oaks Financial Services, our initial consultation is at our cost so contact our Client Liaison Team on 01543 401029.
